In This Issue:
- April Lake Country Real Estate Market Overview
- Buyer’s Market – Balanced Market – Seller’s Market Update
- 3 Ways To Buy Orillia Area Homes For Less
- 2020 RE/MAX Liveability Report – Best Barrie Areas
- 11 Costly Home Inspection Pitfalls
- 3 Home Projects To Tackle
- Love The Home You Buy Guarantee
- 3 Tips For Selling A Home During Coronaviris Crisis
Lake Country Real Estate Market Overview
The following statistics from the Lakeland Association of Realtors are compiled for the Lake Country Region which includes Orillia, Oro-Medonte, Ramara and Severn are for Single Family Homes. If you would like a breakout for other specific areas or types of properties contact me and I would be happy to provide this for you at no cost or obligation.
April 2020 Market Overview
Last month in the Lake Country region residential home sales declined in both average price and number of homes sold compared to last year at this time, and there was an increase in the average number of days to sell a home compared to last April.
Average home sale prices dropped 4% year to year for the month of April. Average Days on the market (average days to sell a home) increased by 24%.
There was a 3% decline in the number of homes listed for sale this April compared to April 2019 and a 43% decline in the number of home sold last month compared to April 2019.
It is no surprise that like most businesses the local real estate market is feeling the effects of Covid-19, but with many buyers and sellers ready to move forward as self-isolation guidelines ease, the normal activity in real estate at this time of the year could simply be moving forward into what could become a very active summer market.
Should you wait to buy or sell?
There is no right answer to that question as it needs to be decided according to your comfort level and your needs.
Will the market see homes prices slashed?
Probably not. Early activity for the year showed solid market growth prior to the Covid-19 crisis and many buyers and sellers who were planning to do something prior to self-isolation coming into effect, still plan to move forward with their plans this year once the situation eases.
Buyers Market – Sellers Market – Balanced Market Update
Type of Market
Inventory is a reflection of how many homes sell in a month compared to how many homes are currently listed in the market.
Seller’s Market = 4 months (approximately 120 days) of inventory or less.
Balanced Market = 4-6 months (approximately 120 to 180 days) of inventory.
Buyer’s market = 6+ months (approximately 180 days) or more of inventory.
What type of market are we in now?
At the close April (2020) it was a Buyers Market for Freehold Single Family Residential Homes in the Lake Country region. The inventory of homes at the close of April was 8 months inventory in the combined areas of Orillia, Oro–Medonte, Ramara and Severn which was double of what it was in April 2019.
This is no surprise as most buyers were self-isolating which has reduced the number of sales for the homes that are on the market. Although the number of homes listed in April was lower than last year, the number of active buyers dropped more significantly.
It is expected that most buyers who have been in a holding pattern due to self-isolation will become active buyers in the coming months reducing the inventory level to a more balanced market. If sellers don’t move forward at the same rate as home buyers re-entering the market, the inventory level could actually push things towards more of a seller’s market. At this time it is more likely to see the summer become more of a balanced market.
3 Ways to Buy Orillia Area Homes for Less Money
If you’re like most homebuyers, you have two primary considerations in mind when you start looking for a home. First, you want to find the home that perfectly meets your needs and desires, and secondly, you want to purchase this home for the lowest possible price.
When you analyze those successful home buyers who have been able to purchase the home they want for thousands of dollars below a seller’s asking price, some common denominators emerge. While the negotiating skills of your agent are important, there are three additional key factors that must come into play long before you ever submit an offer.
This topic has been the subject of extensive analysis by industry experts, and a summary of their findings, and a specific step-by-step purchase plan for homebuyers, can be found in a new special report called “Homebuyers: How to Save Thousands of Dollars When You Buy”.
This free report outlines the psychology of how a seller sets their asking price and gives you 3 simple steps to follow before you even set foot in a seller’s home, which could help you to successfully slash thousands of dollars off the price of the home you want.
If you are planning to purchase a home in the next six month you will find this report of interest. The FREE REPORT can be requested HERE
Best Places to Live 2020: RE/MAX Canada Liveability Report
While Canadians from coast to coast to coast isolate themselves from the many local enjoyments they derived from their neighbourhoods prior to COVID-19, their genuine love for their local community offers many glimmers of hope in the months ahead. In our newest report, RE/MAX explores some of Canada’s best places to live, and what makes them so.
The RE/MAX 2020 RE/MAX Liveability Report explores all the qualities that make a neighbourhood “liveable,” such as access to green space, retail, transit, entertainment and more, and ranks 300+ of Canada’s Most Liveable Neighbourhoods. See the findings below and share the results with your clients and prospects!
Barrie – Most Liveable Areas
In the City of Barrie, the Most Liveable Neighbourhoods include.
– Bluewater Trail
– Crimson Ridge
– Pioneer Trail
– Camelot Square
You can check out the complete RE/MAX 2020 Liveability Report HERE.
11 Costly Home Inspection Pitfalls
Before you list your home for sale, it is critical to read this FREE Report reviewing 11 of the most common inspection pitfalls. Failure to understand these traps could cause costly delays in the close of your home or, worse, turn prospective buyers away altogether.
If you are planning to sell your home in the next six months you will find this report of great interest. The FREE REPORT can be requested HERE.
3 Home Projects to Tackle While Social Distancing
Are you running out of productive things to do at home? These five spring cleaning projects go beyond cleaning out the junk drawer!
Change up your living space.
Tired of the same wall colour? Paint it! Want to look at something new? Try switching your wall decorations from a different room and use them in your main living space. Got a lot of unused wall space? Create a gallery of photos, drawings, images, and things that make you happy. Rearranging the furniture in your living space will also create a new atmosphere you can enjoy.
Deep clean the kitchen.
If you haven’t had the chance to deep clean the kitchen, now’s a good time to start. Take everything out of the cabinets so you can wipe them down inside and out. While everything is out, give your seldom-used dishes and appliances a good cleaning. Don’t forget to sanitize your knife block and clean out the microwave and oven!
Clean the baseboards.
Take some time to clean the baseboards in your home. Some soap and water or a magic eraser will do wonders. Once they’re clean, you can also freshen them up with a fresh coat of paint. You’ll be surprised at what a difference it will make.
As we make our way through these challenging times, know that I’m sending my best wishes to you and yours. Stay safe and feel free to reach out if there’s anything I can help with.
3 Tips for Selling a Home During the Coronavirus Crisis
Selling a home is can be stressful at any time, even more so with everything else going on in the world today. Many are choosing to wait until things return to normal to sell their homes, but other people don’t have a choice. If you need to access your home’s equity to get you through these times, if you recently inherited a home you don’t plan to keep, or if you need to downsize or upsize, you may find these tips for selling during the coronavirus crisis helpful. I would also be happy to explain a thorough plan action on how home sellers and buyers can accomplish their real estate needs safely during this time of self-isolation.
Price to sell.
The coronavirus crisis is impacting home values across the country, but the effect is temporary. List your home to sell, but don’t set the asking price too far below what you would have listed it for before the crisis began.
Add a coronavirus contingency.
Buyers may have trouble coming out to view your home or finding inspectors and appraisers to assess the current condition of the house. Adding a coronavirus contingency clause to your contract that allows buyers to postpone the closing if coronavirus derails the process can make your listing more attractive. I can explain and handle all this in your transaction.
Make the most of the listing photos.
Make sure your home puts its best foot forward by making basic repairs and taking time to do some basic staging. Simple repairs and upgrades like replacing torn window screens and adding a fresh coat of paint can make your listing more appealing. Likewise, tidying and decluttering your home before the listing photos are taken can make your home seem more spacious.
Please share this information with those you know planning to buy or sell a home.